Monday, June 14, 2010

Democratic Deficit and Then Some!

A flash out of Berlin:


Angela Merkel et Nicolas Sarkozy ont appelé lundi à Berlin au renforcement du pacte de stabilité européen, se prononçant pour le retrait du droit de vote des pays "laxistes" au Conseil européen. Les deux dirigeants se sont également mis d'accord pour proposer une taxe sur les transactions financières et les bénéfices des banques à la prochaine réunion du G20. (Reuters)



This will not go down well, I predict. Now we have not only a democratic deficit but a plain threat to eliminate democratic governance altogether. And since France has been in the past one of the "lax" countries in the Union (as has Germany to a lesser extent), protest is sure to erupt. This is effectively blackmail: OK, we promised to bail you out, now we will deprive you of your vote if you accept (what can the definition of "lax" be if not the need to use emergency funds, given that everyone has been "lax"?).

If the EU founders, today will be seen as marking the beginning of the end.

Does the Eurozone Have a Future?

Jacques Le Cacheux and Éloi Laurent ponder the question.